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Update: Guidelines under section 194Q of Income-tax Act, 1961

Update: Guidelines under section 194Q of Income-tax Act, 1961
tejasvi
Thu, 07/01/2021 – 15:15

The Central Board of Direct Taxes (CBDT) has issued guidelines under S. 194Q of Income-tax Act, 1961 (Act) vide issue of Circular No. 13 of 2021 dated June 30, 2021.

S. 194Q which takes effect from July 1, 2021, provides for levy of tax whereby the buyer of goods shall deduct TDS @ 0.1% on payments exceeding INR 50 lakhs, made to the seller. In this regard, following clarifications have been provided by CBDT:

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